Now, a new process has been rolled out by the Government of India so that the individual need not wait for a long time to get a new PAN card. Previously, applying for a new PAN card was a quite hectic process and used to take much time to be issued by the Income Tax department and received by the citizen of India. A PAN Card once issued by the Income Tax department will have a lifetime validity of an individual.
A PAN card is considered as an essential entity issued by the Income Tax department and it is regarded as a proof of identity for handling various financial transactions in the country. The PAN card aids as an essential entity for all the citizens who make particular financial transactions like filing Income tax Returns, opening a new bank account or Demat account, purchasing a land, property or any vehicle. This PAN card consists of an alphanumeric code which is issued to all people and entities that come under the Income Tax Act of 1961.
A PAN card is issued by the Income-tax Department for a citizen residing in India under the Government of India. Permanent Account Number, in short, we usually term it as a PAN card is one of the most significant identity documents in the country.
0 kommentar(er)
